Self-publishing can be a difficult process, and finding funding for publishing a book is one of the most difficult aspects of the project. However, there are numerous avenues to explore for new (and experienced) authors.
It’s important to remember that you have to find what works for you specifically, because what might have worked for another author, might not pan out for the next. Take some time to consider what all of your options are, use the same passion that you have for your book and turn it into dedication in finding the perfect way to fund your work.
Financing (taking out a loan)
For most people who hope to self-publish their books, taking out a loan is the best option. Funding a book can be expensive, and most authors do not have access to that amount of disposable cash.
When choosing a financing option, it’s important to consider how much money you’ll be able to loan. The required funding for self-publishing can go up to $50,000, and you need to take into account what rates you’ll get the loan at. Try to find a source where you can have competitive and affordable rates; however, this rate will depend on your credit score. You should also be sure to consider how long you have to pay it back, and whether you can pre-pay your loan without being penalized.
A novel way of generating the required funds to publish your own book is through crowdfunding. There are many platforms which facilitate crowdfunding, but some of the most popular ones are Kickstarter, Indiegogo, Unbound, and Patreon.
Getting this process started is actually fairly simple. To start, you should get your idea across to the public via the crowdfunding platform you’ve chosen and ask them to donate money to your cause. You’ll be able to raise money from not only friends, family, colleagues, and peers, but also the general public.
Use social media to reach as many potential contributors as possible as the more people share what you’re trying to do, the more people will feel inclined to give money to your cause. In order to successfully crowdfund, it’s important to be creative. You want to share why you aren’t financially able to publish your own book, and also inspire others to believe in you.
Getting funding for authors through the government or a non-profit is one of the best ways to get your book self-published, but it can be pretty tricky. Generally, these grants are available to authors of books which advance a cause or can be used as an educational tool, and are given without the expectation of having to be repaid.
Seeing as this is quite a difficult way of getting enough money to self-publish, you have to have a good marketing plan so that you can show them that your book will sell.
Get a sponsor
Some companies will be willing to fund your book, but this will take quite a bit of research to find a business willing to do it. Even though it’s a daunting process to contact businesses to ask for funding, it has worked for many authors. This is an especially attractive option if you’ve written a book that is directly related to a specific industry as it’s more likely that they’ll help fund your book when approached.
Ultimately, even though it’s a daunting process to find funding for publishing a book, it can be even more difficult to find a good publisher. Make a thorough evaluation of all of your options and choose the one which works the best for your needs. You want your book to be a success and to do so you need to treat it like a business – establish it properly and it will become profitable.
Self-publishing a book will require your dedication, and in essence, it needs to be a priority in order to be a success. One of the most important ways of making sure that you are successful is not taking cutting corners. Even self-published books need to have undergone rigorous editing and a professional cover design if it’s to succeed long-term.